Latest news with #Khara
News18
11 hours ago
- Business
- News18
Is The SBI Chairman's Sea-Facing Bungalow Really Worth Rs 10 Crore A Month?
Last Updated: Former SBI chairman Rajnish Kumar once remarked in a podcast that the market rent of the SBI chairman's Malabar Hill residence could touch Rs 10 crore a month What kind of life does the chairman of the country's apex bank lead? If you thought a massive salary and corporate bonuses like their private sector counterparts, think again. The story of Dinesh Kumar Khara, former chairman of the State Bank of India (SBI), offers a fascinating contrast; one that blends modest paychecks with extravagant perks, all courtesy of the public sector's unique compensation model. During the financial year 2022–23, Khara took home a cash salary of just Rs 37 lakh – yes, you read that right. That's a mere 7.5% bump from the previous year, and dramatically lower than what CEOs in the private banking sector command. For context, HDFC Bank CEO Sashidhar Jagdishan earned Rs 6.5 crore in the same period – about 17 times more than Khara's earnings. However, despite the humble figure on paper, the perks are nothing short of princely. Khara was allotted a government-owned sea-facing bungalow in Mumbai's ultra-exclusive Malabar Hill, had access to a chauffeur-driven luxury car worth Rs 30-40 lakh, and enjoyed medical coverage, domestic and international travel privileges – all without spending a rupee from his pocket. And the bungalow? That's where eyebrows really shoot up. Former SBI chairman Rajnish Kumar once remarked in a podcast that the market rent of the SBI chairman's Malabar Hill residence could touch Rs 10 crore a month, a claim that has drawn both astonishment and skepticism in equal measure. While some dismiss the figure as inflated, the fact that a public sector official occupies such high-value real estate underscores the enormous non-monetary value attached to the post. Private banks, on the other hand, operate in a cut-throat, profit-driven world. To attract and retain top-tier talent, they offer multi-crore annual salaries, massive bonuses, and equity-based incentives that can be worth crores. Will PSU Banks Lose Talent? That's a growing concern. Many experts believe that the rigid pay structures in the public sector could drive talented bankers towards private banks or fintech firms. Yet, there are many who still value the stability, prestige, and pension security that a government job offers. The story doesn't change much with time either. When Khara's predecessor, Rajnish Kumar (SBI Chairman from 2017 to 2020), held the reins, he too drew a similarly modest salary and enjoyed the same official bungalow and perks. The faces may change, but the framework remains frozen. First Published: June 10, 2025, 14:22 IST
Hindustan Times
11-05-2025
- Business
- Hindustan Times
Torres scam: ED searches in Mumbai and Surat, seizes ₹6.30 crore cash
MUMBAI: Mumbai zonal office of the Enforcement Directorate (ED) on Friday conducted searches at four premises in Mumbai and Surat in connection with the money laundering case registered against M/s Platinum Hern Pvt Ltd, which allegedly defrauded thousands of investors in a multi-crore Ponzi scheme promoted through its Torres Jewellery stores in the city. ED's investigation is based on an FIR registered by the APMC police in Vashi, Navi Mumbai, against the firm, its directors, and senior executives allegedly involved in the fraud. M/s Platinum Hern Pvt Ltd had lured its customers to pay huge sums for moissanite diamonds and other jewellery. Agency sources said instead of using the cash for legitimate business purposes, it was routed through hawala operators to be converted into cryptocurrency to send abroad. 'Following instructions from Oleksandr Zapichenko alias Alex (an associate) and Olena Stoian (former director), Alpesh Khara, the key person, not only facilitated cash collection from Torres showrooms across Mumbai but also converted it into USDT cryptocurrency,' said an ED source. On March 26, ED arrested Khara, the hawala operator, who is currently in judicial custody. Sources said Khara was a well-known Angadia's (a service used to transport cash, diamonds, and jewellery) franchise owner. The Angadia has branches across India, through which huge sums were transferred. ED's searches were carried out in Angadia premises in Mumbai and Surat. The searches have resulted in the seizure of ₹6.30 crore and some digital devices. Earlier on January 23, the agency carried out searches in Mumbai and Jaipur, resulting in bank accounts holding ₹21.75 crore being frozen and the seizure of documents and digital devices.
Time of India
10-05-2025
- Business
- Time of India
Torres Jewellery case: ED seizes Rs 6.3 crore cash from 'hawala' operators
The Enforcement Directorate (ED) on Saturday said it has seized Rs 6.3 crore in cash during fresh searches conducted against " angadias " and "hawala" operators in Mumbai and Surat in connection with the Torres Jewellery money-laundering case. The federal probe agency said in a statement that the raids were carried out at four premises by its Mumbai zonal office on Friday. #Operation Sindoor India-Pakistan Clash Live Updates| Pak moving troops to border areas? All that's happening Why India chose to abstain instead of 'No Vote' against IMF billion-dollar funding to Pakistan How Pak's jihadi general Munir became trapped in his own vice The action pertains to the money-laundering case against Platinum Hern Private Limited that operated under the brand name Torres Jewellery and is alleged to have cheated its customers after collecting a "huge" amount of cash from them in lieu of the sale of Moissanite diamonds and other jewellery. The ED case stems from a police FIR filed in Navi Mumbai. "Instead of using the said cash for its legitimate business purposes, it has been routed through hawala operators and later, converted into USDT cryptocurrency," the ED said. Alpesh Khara, an alleged "hawala" operator and a "key" person in the case, facilitated the collection of cash from Torres showrooms across Mumbai on the instructions of foreign nationals Oleksandr Zapichenko alias Alex and Olena Stoian (two among the many alleged masterminds of the fraud), the agency claimed. Live Events Khara is also accused of assisting the two in the "conversion" of this money into USDT cryptocurrency. Khara was arrested by the ED in March. Khara was one of the franchise owners of a known "angadia" entity that has branches across the country and a "huge" amount of cash has exchanged hands through those branches as well as various "hawala" operators, the ED alleged. The searches against these operators in Mumbai and Surat led to the seizure of Rs 6.3 crore in cash as well as "incriminating" digital devices. "Angadias" are a set of people who transfer huge amounts of cash in the physical form from one place to another, while "hawala" dealers do it by either using cash or bank accounts of shell or dummy companies. The ED had conducted searches in connection with the case in January and frozen bank deposits of Rs 21.75 crore.
Hindustan Times
10-05-2025
- Hindustan Times
Torres Jewellery case: ED seizes ₹6.3-Cr cash from 'hawala' operators
New Delhi, The Enforcement Directorate on Saturday said it has seized ₹6.3 crore in cash during fresh searches conducted against "angadias" and "hawala" operators in Mumbai and Surat in connection with the Torres Jewellery money-laundering case. The federal probe agency said in a statement that the raids were carried out at four premises by its Mumbai zonal office on Friday. The action pertains to the money-laundering case against Platinum Hern Private Limited that operated under the brand name Torres Jewellery and is alleged to have cheated its customers after collecting a "huge" amount of cash from them in lieu of the sale of Moissanite diamonds and other jewellery. The ED case stems from a police FIR filed in Navi Mumbai. "Instead of using the said cash for its legitimate business purposes, it has been routed through hawala operators and later, converted into USDT cryptocurrency," the ED said. Alpesh Khara, an alleged "hawala" operator and a "key" person in the case, facilitated the collection of cash from Torres showrooms across Mumbai on the instructions of foreign nationals Oleksandr Zapichenko alias Alex and Olena Stoian , the agency claimed. Khara is also accused of assisting the two in the "conversion" of this money into USDT cryptocurrency. Khara was arrested by the ED in March. Khara was one of the franchise owners of a known "angadia" entity that has branches across the country and a "huge" amount of cash has exchanged hands through those branches as well as various "hawala" operators, the ED alleged. The searches against these operators in Mumbai and Surat led to the seizure of ₹6.3 crore in cash as well as "incriminating" digital devices. "Angadias" are a set of people who transfer huge amounts of cash in the physical form from one place to another, while "hawala" dealers do it by either using cash or bank accounts of shell or dummy companies. The ED had conducted searches in connection with the case in January and frozen bank deposits of ₹21.75 crore.
